Whale accumulation of BTC, ETH, and XRP near realized price levels signals late-stage bear market conditions, per CryptoQuant analysis.
Macro & Markets ·
Large holders of Bitcoin, Ethereum, and XRP have been buying during recent market downturns, a pattern that analytics firm CryptoQuant associates with the final phase of bear markets. Bitcoin wallets belonging to major holders have built positions to roughly 3.06 million BTC this year, with buying intensity rising after the asset dipped below $60,000 in June. Ethereum's largest holders—those controlling between 10,000 and 100,000 tokens—reached a record 19.6 million ETH, while addresses holding more than 100,000 ETH added about 1.8 million tokens since mid-2025, roughly a 70% increase. Smaller Ethereum holders, by contrast, have reduced their combined holdings by approximately 2.7 million ETH since January.
CryptoQuant's analysis points to realized price—a metric estimating average holder acquisition costs—as a marker of bear market maturity. Bitcoin trades near $65,000 against a realized price around $52,900, Ethereum near $1,920 versus a realized price of approximately $2,450, and XRP near $1.04 against a realized price of about $0.75. These price relationships are consistent with late-stage bear conditions, according to the firm.
Whether these buying patterns actually signal an imminent bottom remains unconfirmed. CryptoQuant noted that additional downside could occur before a market floor materializes, and the interplay between whale accumulation and price action over coming weeks will be key to validating any bottom hypothesis.